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Lecture 4

ACC 358 Lecture Notes - Lecture 4: Certified Public Accountant, Financial Statement, General LedgerExam


Department
Accounting
Course Code
ACC 358
Professor
LaGore
Lecture
4

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Reporting income when earned and expenses when incurred.
Adjusted trial balance
A trial balance prepared after adjusting entries are posted.
Adjusting entries
Journal entries recorded to update general ledger accounts at the end of a fiscal period.
Adjustments
Changes recorded on a work sheet to update general ledger accounts at the end of a fiscal period.
Balance sheet
A financial statement that reports assets, liabilities, and owner's equity on a specific date.
Cash basis of accounting
Reporting income when the cash is received and expenses when the cash is paid.
Certified public accountant (CPA)
An accountant who has passed the uniform certified public accounting exam and met the licensing
requirement for a state.
Fiscal period
The length of time for which a business summarizes its financial information and reports its financial
performance.
Fiscal year
A fiscal period consisting of 12 consecutive months.
Income statement
A financial statement showing the revenue and expenses for a fiscal period.
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